PERTH, 20 February 2026 – Australian billionaire Kerry Stokes has officially concluded his tenure as a media chairman, marking the end of an era for one of the nation’s most influential business figures. The transition comes as his conglomerate, Seven Group Holdings (SGH), pivots its focus toward heavy industry and a massive multi-billion dollar play for the Australian steel sector.
Final Departure from Media Leadership
As of today, Friday, 20 February 2026, Kerry Stokes has formally stepped away from his role as chair of the newly merged entity known as Southern Cross Media. Stokes had been serving as the interim chair following the high-profile merger between Seven West Media and Southern Cross Austereo (SCA) late last year. This departure signifies the “sun setting” on his direct media ambitions, a sector he dominated for decades through the Seven Network and West Australian Newspapers.
While Stokes is stepping back from the boardroom, his influence remains through his son, Ryan Stokes, who continues to lead Seven Group Holdings as CEO. Market analysts noted a “tepid” reaction to the departure, as the transition had been carefully choreographed over several months following the 2025 merger.
The $13.2 Billion BlueScope Takeover Bid
The Stokes family is currently engaged in one of the largest industrial acquisitions in Australian history. Earlier this week, on 18 February 2026, SGH and its US bidding partner, Steel Dynamics, raised their “best and final” offer for BlueScope Steel. The revised bid now stands at A$32.35 per share in cash, valuing the steel giant at approximately A$13.2 billion.
This move highlights a strategic shift for the Stokes empire, moving away from the volatile media landscape toward “hard assets” in infrastructure and manufacturing. The bid has caused significant movement in the ASX, with BlueScope shares reacting sharply to the increased offer.
Kerry Stokes: Profile and Net Worth
Despite his age, the 85-year-old businessman remains one of the wealthiest individuals in the Asia-Pacific region. His fortune is primarily anchored in Seven Group Holdings, which maintains significant interests in Caterpillar equipment (Westrac), Coates Hire, and Boral.
| Attribute | Details |
|---|---|
| Full Name | Kerry Matthew Stokes AC |
| Date of Birth | 13 September 1940 |
| Estimated Net Worth | A$12.69 Billion (May 2025 AFR) |
| Forbes Rank (2026) | #9 Richest Australian |
| Primary Source of Wealth | Seven Group Holdings (Industrial & Media) |
| Residence | Perth, Western Australia |
Philanthropy and Community Impact
Beyond his business dealings, Stokes continues to be a major figure in Australian philanthropy. Recent reports highlight his ongoing support for the Bryant Stokes Neurological Research Fund, where he has served as Chair. His contributions to the Australian War Memorial and various medical research initiatives in Western Australia remain a significant part of his public legacy.
Frequently Asked Questions
Is Kerry Stokes still the owner of the Seven Network?
While Kerry Stokes was the long-time architect of the Seven Network, the business recently merged with Southern Cross Media. Stokes has stepped down as chair of the merged entity as of 20 February 2026, though his family company, Seven Group Holdings, remains a dominant shareholder.
Who is taking over the Stokes business empire?
Ryan Stokes, Kerry’s son, has been the CEO of Seven Group Holdings for several years and is now the primary executive driving the company’s major acquisitions, including the current bid for BlueScope Steel.
What are Kerry Stokes’ main business interests now?
The focus of the Stokes family has shifted heavily toward industrial services and infrastructure. Their portfolio includes Westrac (Caterpillar dealership), Coates (equipment hire), Boral (construction materials), and a significant stake in the energy and steel sectors.